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#506686 - 08/15/15 04:42 AM De-Risking Banks And The Investment Climate  
Joined: Oct 1999
Posts: 54,014
Marty Offline
Marty  Offline

Heritage Bank to also lose corresponding ties with Bank of America
Heritage Bank International, like Atlantic International Bank before it, has received word that their corresponding ties with Bank of America (BOA) is also being terminated as part of the bank’s “de-risking” process. Heritage International is just the latest financial institution in Belize to face such consequences as a result of international financial institutions cutting ties with perceived high-risk jurisdictions. Interestingly though, several weeks ago after Atlantic International had its ties cut, Central Bank Governor Glen Ysaguirre denied reports that Heritage or any other institution would be facing the same outcome.


#507231 - 09/07/15 06:22 AM Re: De-Risking Banks And The Investment Climate [Re: Marty]  
Joined: Jun 2008
Posts: 1,982
ragman Offline
.
ragman  Offline
In other words Ambassador Carlos Moreno is saying, do what the US government says or else.
Quote
considering that many of the international banks de-risking are privately owned, the only thing that can be done is to conform local standards to the same international standards

These "international standards" were set by the US government to secure more tax money under the guise of money laundering. It is really to tighten up on the enforcement of US tax laws to feed the insatiable appetite of government. For what little money is gained many innocent people will be greatly inconvenienced at the least.

Think about it. What does de-risking mean? It means that Banks will be heavily penalized or put out of business if they don't follow the rules of the US regulators. Already banks in the US and other countries have had to pay billions in fines and penalties and they want to rid any business which might subject them to this.

Some posters have stated that this will have no effect on them but I believe they are wrong. When local businesses can not make transfers through banks to buy goods from other countries it will effect many in Belize with some goods hard to find and higher prices. In the long run it will speed up the death of USDA as a world trading medium. Several major countries in the world have been working on this for some time now. This folly will hurt the very USA citizens it is claiming to protect in the end. 428 more days till sanity has a chance to return.


Jim
Somewhere on a beach in Belize
#507235 - 09/07/15 07:26 AM Re: De-Risking Banks And The Investment Climate [Re: Marty]  
Joined: Oct 2001
Posts: 5,680
Diane Campbell Offline
.
Diane Campbell  Offline
Before coming to Belize Ambassador Moreno was a judge, not an economist.

I do hope there is some resolution .....


#507237 - 09/07/15 07:40 AM Re: De-Risking Banks And The Investment Climate [Re: Marty]  
Joined: Feb 2015
Posts: 355
Shyboy Offline
.
Shyboy  Offline
Ragman... You hit that right on the head. I've been spouting the same thing but not as well.


A little known fact... Women who are overweight tend to live longer than men who mention it...
#507238 - 09/07/15 07:50 AM Re: De-Risking Banks And The Investment Climate [Re: Marty]  
Joined: Oct 2001
Posts: 5,680
Diane Campbell Offline
.
Diane Campbell  Offline
Just heard a rumour that Atlantic has secured a new correspondent bank.

#507243 - 09/07/15 09:58 AM Re: De-Risking Banks And The Investment Climate [Re: Marty]  
Joined: Feb 2015
Posts: 355
Shyboy Offline
.
Shyboy  Offline
Yes: that was the reason for Timan's concern yesterday about "document the purpose of the wire" and the thought that "it do not smell well".
Just more hurdles to conduct everyday business.
The long arm of the USA reaches the beaches on the island with no problem.


A little known fact... Women who are overweight tend to live longer than men who mention it...

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